Prime Minister Narendra Modi on Friday said that the Reserve Bank of India (RBI) had taken giant steps to safeguard the economy from the impact of the coronavirus. “The announcements will improve liquidity, reduce cost of funds, help middle class and businesses,” Modi wrote on Twitter.

The RBI cut the benchmark interest rate by 75 basis points to 4.4 per cent on Friday to deal with the hardship caused due to the outbreak of COVID-19.

Union Minister Prakash Javadekar noted that the RBI’s move would boost economic activities. “@narendramodi government’s historical decisions in succession. Three months moratorium on repayment of #EMI will help all home buyers, vehicle buyers and other customers. #IndiaFightsCorona #StayHomeStaySafe #RBIActs,” Javadekar said on Twitter.

“Steps announced by #RBI will reduce interest burden on businesses/industries and will boost economic activities,” he added in another tweet.

Commerce and Industry Minister Piyush Goyal said decisions of the RBI will provide much needed relief to people and businesses. “Welcoming @RBI’s move to provide 3 months moratorium on payments of term loan instalments (EMI) and interest on working capital,” he said in a tweet. Amidst this hour of need, he said “this move has provided a much needed relief to people and businesses“.

BJP president JP Nadda tweeted, "Our Government is taking all necessary actions to help the citizens in this difficult time. Yesterday, Gov announced relief package. Today, in another important step RBI has taken many important decisions to give support and stability to Indian economy,” he tweeted. “I welcome these progressive and timely measures,” he added.

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